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Sensex, Nifty may still have some steam left: Thursday Closing Report

Nifty has to stay above previous day’s low to keep the uptrend intact

 
The markets ended with minor gains on profit taking and weak cues from its European counterparts. The Nifty to stay above the previous day’s low to keep the uptrend intact. The National Stock Exchange (NSE) saw a turnover of 69.41 crore shares and advance-decline ratio of 687:718.
 
The market opened marginally lower on profit booking following a splendid 2.5% gain in trade yesterday. A mixed trend in the Asian pack in morning trade also impacted investor sentiment. On the other hand, US indices closed at record highs for another day overnight on hopes that the Federal Reserve will continue with its economy-boosting initiatives.
 
The Nifty opened 19 points down at 6,128 and the Sensex started off at 20,168, a cut of 45 points from its previous close. The opening figure of the Nifty was its intraday low and the Sensex’s low was at 20,162, which was also seen in the first few minutes of the trading session.
 
The market brushed aside its initial weakness and moved higher on support from banking, realty, power and healthcare stocks. The gains helped the benchmarks hit their intraday highs in the first hour of trade. The Nifty rose to 6,187, its highest high since 12 November 2010, and the Sensex climbed to 20,326, its highest intraday high since 6 January 2011.
 
However, the market pared part of the gains and were seen moving sideways in subsequent trade. Selling in fast moving consumer goods, IT and technology stocks resulted in the indices near their previous closing levels in noon trade.
 
The market began its upmove once again in the post-noon session on support from realty, banking, capital goods and oil & gas sectors. But the market closed with meagre gains, as investors booked profits after the strong rally yesterday.
 
The Nifty finished the session with a gain of 23 points (0.38%) and the Sensex closed 34 points (0.17%) up at 20,247. 
 
Today was the day of the broader indices as they outperformed the Sensex. The BSE Mid-cap index gained 0.42% and the BSE Small-cap index rose 0.23%.
 
The top sectoral gainers were BE Realty (up 1.81%); BSE Oil & Gas (up 1.64%); BSE Healthcare (up 1.53%); BSE Bankex (up 1.11%) and BSE Capital Goods (up 0.84%). The main losers were BSE Fast Moving Consumer Goods (down 1.06%); BSE IT (down 0.99%); BSE TECk (down 0.87%); BSE Auto (down 0.60%) and BSE Consumer Durables (down 0.49%).
 
Out of the 30 stocks on the Sensex, 14 settled higher. The key gainers were Hindalco Industries (up 2.68%); Cipla (up 2.62%); Reliance Industries (2.61%); Dr Reddy’s Laboratories (up 2.48%) and Sterlite Industries (up 2.07%). The key losers were ITC (down 1.71%); Tata Motors (down 1.69%); Jindal Steel & Power (down 1.33%); Infosys (down 1.19%) and TCS (down 1.02%).
 
The top two A Group gainers on the BSE were—Apollo Hospitals Enterprise (up 8.51%) and Jaypee Infratech (up 7.71%).
The top two A Group losers on the BSE were—Oracle Financial Services Software (down 4.57%) and Bajaj Finserv (down 4.17%).
 
The top two B Group gainers on the BSE were— Ambica Agarbathies & Aroma Industries (up 20%) and Roselabs (up 19.98%).
The top two B Group losers on the BSE were—Texmo Pipes (down 19.56%) and Mold Tek Packaging (down 19.51%). 
 
Of the 50 stocks on the Nifty, 29 ended in the in the green. The main gainers were Jaiprakash Associates (up 5.80%); IDFC (up 3.61%); Sesa Goa (up 2.99%); Lupin (up 2.94%) and Cipla (up 2.75%). The major losers were NMDC (down 2.92%); Tata Motors (down 1.86%); JSPL (down 1.58%); ITC (down 1.53%) and Bajaj Auto (down 1.41%).
 
Markets in Asia settled mixed with the Chinese benchmark closing at a one week high on reports that the country’s eased controls on the refinancing process on companies exposed to the real estate sector. On the other hand, the Nikkei 225 of Japan was lower led by banks which forecast subdued earnings as the stimulus initiatives would impact loan profitability.
 
The Shanghai Composite surged 1.21%; the Hang Seng rose 0.17%; the Straits Times gained 0.31%; the Seoul Composite advanced 0.79% and the Taiwan Weighted climbed 0.86%. Among the losers, the Jakarta Composite fell 0.22%; the KLSE Composite dropped 0.91% and the Nikkei 225 slipped 0.39%.
 
At the time of writing, two of the three key markets in Europe were down and the US stock futures were mixed.
 
Back home, foreign institutional investors were net buyers of equities amounting to Rs1,646.95 crore on Wednesday while domestic institutional investors were net sellers of shares totalling Rs747.12 crore.
 
Berger Paints India today said it plans to expand its distribution network across the country as it aims to almost double its revenues in the next four years. The Kolkata-based firm that manufactures and markets a range of decorative and industrial paint products under various product brands, today launched an exclusive range of home decor. The stock declined 1.27% to close at Rs233.65 on the NSE.
 
Pune-based Finolex Cables has drawn up a diversification plan that will change its identity. With plans of setting up a new unit to manufacture electrical equipment such as motors and transformers, the company plans to change its 50-odd-year legacy of being a manufacturer of cables to being a player in the electrical products business. The stock gained 1.67% to close at Rs57.80 on the NSE.
 
GMR Infrastructure, along with its partner Megawide Construction Corp, is all set to file technical bid for developing 17.5 billion peso ($425 million) Mactan-Cebu International Airport project in the Philippines, a senior company official has said. GMR Infrastructure has three months to submit the bid documents as it was shortlisted in the pre-qualification bid. The stock rose 109% to close at Rs23.10 on the NSE.
 

 

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